Healthcare Workforce Management System Market Size, Share, Growth, and Industry Analysis, By Type (Software, Hardware, Service), By Application (Payroll, Staffing and Scheduling, Time and Attendance, Patient Classification, Analytics) and Regional Insights and Forecast to 2031

Updated On: 29 April 2024

HEALTHCARE WORKFORCE MANAGEMENT SYSTEM MARKET REPORT OVERVIEW

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The global healthcare workforce management system market size was USD 1422.4 million in 2020 and will touch USD 2981.1 million by 2027, at CAGR of 11.2% during the forecast period.

Rules and regulations are enforced by the hospital workforce management market to help healthcare organisations manage their productive personnel. The labour management, cost scheduling, and employee engagement software and services are all included in the package. Timesheet completion, labour management projections, performance highlights, and absence management are all included. Additionally, it helps in the quest for labour cost savings. Workforce management solutions are being used by a number of healthcare organisations and institutes to solve their management problems. Better workforce discipline also allows you to shift the responsibilities that doctors manage to fall under the administrative staff's jurisdiction. This guarantees that patients and physicians have more time together.

The market for healthcare workforce management software is anticipated to expand in the next years due to its effectiveness. In the healthcare industry, low staffing may result in a less competitive environment, while high worker turnout may result in expensive workplace costs. The hospital workplace management system helps the healthcare industry in such a difficult environment by controlling idle personnel and finding the ideal balance between employees and task schedules. Furthermore, the development and integration of new technologies, such as cloud computing and artificial intelligence (AI), is booming in the healthcare workforce management industry. Healthcare institutions may manage multi-care hospitals more effectively thanks to process automation.

COVID-19 Impact: Market Growth Increased By Pandemic Due to Adoption of Remote Work

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 has increased the demand for healthcare offerings, leading to a surge in the demand for certified healthcare people. Healthcare workforce management software have performed an important role in handling demanding situations associated with remote work of employees. These structures have enabled healthcare companies to streamline their staffing tactics, make certain compliance with regulations, and optimize personnel allocation. Additionally, they have got facilitated the remote of healthcare people, presenting actual-time visibility into their schedules and performance.

LATEST TRENDS

"Growing Demand in Hospitals to Reduce Operational Costs to Drive Market Growth"

The market for healthcare workforce management systems is anticipated to develop as a result of the growing demand for hospitals and other healthcare facilities to reduce labour costs, the rise in performance management, and healthcare consolidation. Additionally, it is anticipated that the healthcare industry would embrace workforce management systems because to the growing need for competent workforces in the field as well as the many advantages they offer, such as the flexibility and transparency of workforce scheduling. The growth of the worldwide market for healthcare workforce management is mostly driven by geographical variables. Leading players have integrated AI and Machine Learning (ML) into WFM software due to developments in technology. For instance, AIMEE, an AI engine for workforce and human capital management, was developed by Kronos. The employee's talents are matched with the amount of customers and seasonal demand thanks to the personalised schedules that AIMEE provides. It also provides advanced labour volume predictions. These developments incentivize end users to choose state-of-the-art solutions in order to capitalise on its benefits.

HEALTHCARE WORKFORCE MANAGEMENT SYSTEM MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into Software, Hardware, Service.

• Software: These systems are primarily based on software applications that can be mounted on a PC or accessed through an internet browser. They normally offer functions including scheduling, time and attendance tracking, payroll control, and reporting.

• Hardware: These systems are primarily based on physical hardware devices consisting of biometric time clocks, RFID scanners, and mobile gadgets.

• Service: These structures offer a number features and functionalities, including scheduling, time and attendance monitoring, payroll management, and reporting.

By Application                                                                                                      

Based on application the global market can be categorized into Payroll, Staffing and Scheduling, Time and Attendance, Patient Classification, Analytics.

• Payroll: The workforce management software streamlines payroll procedures via automating time tracking, calculating wages, and handling employee advantages.

• Staffing and Scheduling: The system enables the creation of flexible and effective staff schedules based totally on elements which include worker availability, talent sets, and patient needs.

• Time and Attendance: The workforce management software tracks employee attendance and hours worked, making sure compliance with hard work guidelines and lowering the danger of mistakes in payroll calculations.

• Patient Classification: The workforce management software system enables in classifying patients based totally on their care needs, allowing for the allocation of suitable staff resources.

• Analytics: The workforce management software system provides valuable insights into workforce overall performance, patient outcomes, and operational efficiency.

DRIVING FACTORS

"Rising Demand for Effective Human Resource Management to Boost the Market Growth"

The increasing use of human resource management strategies that make use of contemporary technology is expected to fuel healthcare workforce management system market growth. Hiring, record keeping, performance monitoring, and other HRM procedures may all be simplified with the help of enterprise workforce management software. These benefits are creating the groundwork for future market expansion. Cloud-based usage has been increasing with the introduction of inexpensive and widely accessible mobile technologies and the growing need for small and mid-sized organisations to have access to economical technological solutions. These cloud-based solutions appeal to SMEs looking for their first system as much as they do to businesses looking to modernise their present procedures. Real-time data access, adjustments, long-term total cost of ownership, and the increasing need for software integration all benefit SMEs. These components encourage market growth.

"Rising Adoption of Digital Technologies to Expand the Market"

The developing use of digital solutions in the healthcare industry is one of the primary factors propelling the growth of market for healthcare workforce management systems. Healthcare organizations are in search of methods to optimise their procedures and increase productiveness in mild of the growing utilisation of electronic health records (EHRs), telemedicine, and different digital technologies. Healthcare corporations may enhance patient care and effects with the aid of optimising staffing, scheduling, and aid allocation with using a workforce management system. The factors guiding the market growth rate are the increase in cloud-based workforce management system usage and the need for workforce optimisation. Moreover, the labour management market may expand more quickly if new products are introduced and machine learning and artificial intelligence are integrated. The pace of growth of the market may be impacted by additional variables such the expanding trend of Bring-Your-Own-Devices (BYOD), growing smartphone prevalence, and rising workplace automation.

RESTRAINING FACTORS

"Implementation Challenges to Impede Market Growth"

Implementing a healthcare workforce management system may be a complex method that calls for huge time, resources, and expertise. Organizations may additionally face challenges in integrating the system with existing software program and systems, education personnel on how to use the system, and ensuring that the system meets the agency's unique requirements. Implementing a healthcare workforce management system may be high-priced, as it requires sizable monetary funding in software program, hardware, and training. Additionally, there can be ongoing costs for preservation, improvements, and assist.

HEALTHCARE WORKFORCE MANAGEMENT SYSTEM MARKET REGIONAL INSIGHTS

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"North America to Dominate in the Market due to Presence of a Large Consumer Base"

The market is segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America has emerged as the most dominant region in the global healthcare workforce management system market share as a result of growing knowledge about effective labour management strategies in the healthcare industry. Over the projection period, the sector is expected to increase unabatedly due to the region's strong technological impetus and growing expansion. By taking up a significant share of the market and tripling trading volumes to outperform other areas, the region became the leading player in the industry.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The healthcare workforce management system market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in Healthcare workforce management system, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Kronos (U.S.)
• Infor (U.S.)
• Oracle (U.S.)
• GE Healthcare (Api Healthcare) (U.S.)
• McKesson (U.S.)
• Allocate Software (U.S.)
• SAP (Germany)

INDUSTRIAL DEVELOPMENT

October 2021: Because of improved overall healthcare measurements, Microsoft announced in October 2021 the release of a new health IT application to help healthcare managers with frontline personnel management.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.